Correlation Between Eyebright Medical and Hangzhou Minsheng
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By analyzing existing cross correlation between Eyebright Medical Technology and Hangzhou Minsheng Healthcare, you can compare the effects of market volatilities on Eyebright Medical and Hangzhou Minsheng and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Eyebright Medical with a short position of Hangzhou Minsheng. Check out your portfolio center. Please also check ongoing floating volatility patterns of Eyebright Medical and Hangzhou Minsheng.
Diversification Opportunities for Eyebright Medical and Hangzhou Minsheng
0.3 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Eyebright and Hangzhou is 0.3. Overlapping area represents the amount of risk that can be diversified away by holding Eyebright Medical Technology and Hangzhou Minsheng Healthcare in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hangzhou Minsheng and Eyebright Medical is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Eyebright Medical Technology are associated (or correlated) with Hangzhou Minsheng. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hangzhou Minsheng has no effect on the direction of Eyebright Medical i.e., Eyebright Medical and Hangzhou Minsheng go up and down completely randomly.
Pair Corralation between Eyebright Medical and Hangzhou Minsheng
Assuming the 90 days trading horizon Eyebright Medical Technology is expected to generate 0.98 times more return on investment than Hangzhou Minsheng. However, Eyebright Medical Technology is 1.02 times less risky than Hangzhou Minsheng. It trades about -0.03 of its potential returns per unit of risk. Hangzhou Minsheng Healthcare is currently generating about -0.07 per unit of risk. If you would invest 22,949 in Eyebright Medical Technology on October 14, 2024 and sell it today you would lose (13,401) from holding Eyebright Medical Technology or give up 58.39% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 68.62% |
| Values | Daily Returns |
Eyebright Medical Technology vs. Hangzhou Minsheng Healthcare
Performance |
| Timeline |
| Eyebright Medical |
| Hangzhou Minsheng |
Eyebright Medical and Hangzhou Minsheng Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Eyebright Medical and Hangzhou Minsheng
The main advantage of trading using opposite Eyebright Medical and Hangzhou Minsheng positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Eyebright Medical position performs unexpectedly, Hangzhou Minsheng can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Hangzhou Minsheng will offset losses from the drop in Hangzhou Minsheng's long position.| Eyebright Medical vs. Bonree Data Technology | Eyebright Medical vs. Guangzhou KingTeller Technology | Eyebright Medical vs. Jinling Hotel Corp | Eyebright Medical vs. Hygon Information Technology |
| Hangzhou Minsheng vs. Tieling Newcity Investment | Hangzhou Minsheng vs. Eyebright Medical Technology | Hangzhou Minsheng vs. Jointo Energy Investment | Hangzhou Minsheng vs. 360 Security Technology |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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